In the Middle East’s largest initial public offering ever, Merrill Lynch priced a $4 billion share sale for DP World Limited as the port operator made its debut on the DIFX, Dubai’s recently launched international stock exchange.

The share sale in one of the world’s largest port companies brought in $4.3 billion in proceeds, surpassing the region’s previous IPO champion, the $4 billion equity sale for Saudi Telecom in 2003. The results of the DP World offering were just as strong, with the deal priced at $1.30 per share, at the very top of the indicative price range.

DP World began operations 35 years ago with a single port. Today, it is the fourth-largest container terminal operator in the world, with 42 terminals in 22 countries, and projects under construction that will almost
double its capacity.

The initial share offering, culminating a relationship that Merrill Lynch bankers began with the port operator nearly three years ago, included a host of major precedents. The IPO was the largest-ever port and maritime initial offering and the largest Merrill Lynch IPO in its EMEA region since the transaction for Enel SpA, Italy’s largest power company, in 1999.

Merrill Lynch acted as joint global coordinator and joint bookrunner on the transaction, which priced on November 21 and closed five days later.ss